{"F": {"ts_code": "688468.SH", "name": "科美诊断", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗器械", "sw3": "体外诊断", "ind": "医疗器械", "fin_source": "tushare", "market": "科创板", "list_date": "20210409", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.32, "pe_ttm": 72.2062, "pb": 1.7772, "dv_ttm": null, "total_mv": 253500.256, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [72.5, 74.9, 74.4, 75.4, 74.7, 66.5], "rev_series": [4.2, 4.7, 4.7, 4.5, 4.4, 3.3], "np_series": [1.2, 1.4, 1.5, 1.5, 1.3, 0.4], "roe_series": [13.3, 13.2, 11.5, 10.6, 9.1, 3.1], "period": "20260630", "rev_ttm": 3.2, "np_ttm": 0.4, "ocf_ttm": 1.1, "fcf_ttm": 0.7, "fcf_yield": 2.9, "ocf_yield": 4.2, "gm_median": 74.7, "gm_std": 3.4, "gm_stab": 0.96, "gm_chg_2022": 1.9, "npm_median": 30.3, "roe_median": 10.6, "commodity": false, "hard_ratio": 24.2, "fix_assets": 4.3, "goodwill_ratio": 8.7, "pb_calc": 1.78, "capex_dep": 0.89, "interest_debt": 2.3, "debt_ebitda": 2.6, "debt_ratio": 19.4, "debt_mv": 9.1, "payout": 36.4, "div_years": 4, "rev_cagr3": -10.6, "np_cagr3": -34.0, "rev_yoy": -6.2, "np_yoy": -36.2, "np_vol": 29.8, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["LiCA系列产品", 49.0], ["CC系列产品", 1.0]], "ret_prev_year": 9.1, "ret_prev2_year": -36.2, "ret_ytd": -13.9, "ret_pivot": 19.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": 5.9, "ret_120": -16.2, "ret_250": -27.9, "mdd_250": -36.6, "vol_250": 27.0, "pos_52w": 72.2}, "S": {"duration": 84, "pricing": 80, "hard": 39, "bondness": 41}, "label": "中性", "tags": [], "text": {"像什么": ["PE 72.2 倍、股息率 —、毛利率近 5 年中位 74.7%、固定资产占比 24%、有息负债/EBITDA 2.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 74.7%),硬资产占比 24%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.9%(经营现金流/市值 4.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 74.7%,稳定度 96%,2020→2022 成本通胀期毛利率变化 1.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 24%,资本开支/折旧 0.89 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 72.2 倍 粗算,约 93%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -28%,最大回撤 -37%,年化波动 27%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 2% / 6% / -16%。", "行业对照": ["同申万二级「医疗器械」140 家中位:PE 38.6 / 股息率 1.1% / 毛利率 55.4% / 固定资产占比 22% / 分红率 45%。", "科美诊断:PE 比行业中位高 33.6倍;股息率 ;毛利率 比行业中位高 19.3个百分点;固定资产占比 比行业中位高 2.3个百分点。"]}}